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The IPO market cooled with just one small IPO last week, joined by a SPAC. The pipeline also saw little activity, with two IPOs and three SPACs submitting initial filings.
Based in Singapore JE Cleantech Holdings (JCSE) raised $15 million at a market cap of $60 million. The company manufactures a wide range of cleaning equipment and systems, and also provides warewashing and cleaning services in Singapore. JE Cleantech became the latest microcap to soar on its debut, following Genius Group’s (GNS) massive pop the previous week; the company ended up 375%.
Acquisition of Yotta (YOTAU) was the only SPAC to hit the market, raising $100 million to target high-tech industries. Blank check issuance has been on a steady decline since the start of the year, due to weak post-merger returns, which prompted a wave of merger terminations and withdrawals from SPAC’s IPOs.
| 2 IPOs during the week of April 18, 2022 | |||||
|---|---|---|---|---|---|
|
Transmitter Business |
Deal Cut |
Market Cap to the IPO |
Price vs. Middle |
First Day To return to |
To return to to 04/22 |
| JE Cleantech (JCSE) | $15 million | $60 million | 0% | +375% | +375% |
| Manufactures cleaning materials and provides dishwashing and cleaning services in Singapore. | |||||
| Acquisition of Yotta (YOTAU) | $100 million | $128 million | 0% | n / A | +0% |
| Blank check company targeting high tech industries. | |||||
There were two new IPO filings in the past week. Based in California SmartStop Self Storage REIT (SMST) applied for funding of $100 million. world treasure (TGLB), which provides an electronic payment application in Malaysia, requested $29 million.
PSPC Global Blockchain Acquisition (GBBKU), Acquired Zi Toprun (ZTOPU), and Monterey Capital Acquisition (MCACU) also filed initial documents.
| 5 deposits during the week of April 18, 2022 | |||
|---|---|---|---|
|
Transmitter Business |
Deal Cut |
Sector |
Carry out Subscriber |
| Monterey Capital Acquisition. (MCACU) | $100 million | after-sales service | EF Hutton |
| Blank check company targeting the clean transition economy. | |||
| SmartStop Self-Service Storage (SMST) | $100 million | Real estate | City |
| Self-storage REIT with 171 properties owned and managed in the United States and Canada. | |||
| Acquisition of Zi Toprun (ZTOPU) | $110 million | after-sales service | EF Hutton |
| Blank check company targeting transportation in North America, Europe and Asia. | |||
| Global blockchain acquisition. (GBBKU) | $150 million | after-sales service | I-Bankers |
| Blank check company run by executives from Global Blockchain Ventures targeting blockchain technology companies. | |||
| World Treasure (TGLB.RC) | $29M | Technology | EF Hutton |
| Provides an electronic payment app in Malaysia that offers instant discounts. | |||
The April IPO market is expected to close with two healthcare microcaps, although other small deals and SPAC may join the schedule during the week.
biotechnologies Organic Belite (BLTE) plans to raise $36 million at a market cap of $145 million. Belite develops new therapies for incurable eye diseases involving retinal degeneration, as well as metabolic diseases. Its lead candidate is being developed for autosomal recessive Stargardt disease and is currently undergoing a phase 2 trial in Australia and Taiwan.
Manufacturer of surgical implants Medical post (TNON) plans to raise $20 million at a market cap of $60 million. Tenon is preparing a national commercial launch for its proprietary, FDA-cleared surgical implant system for sacroiliac joint fixation and fusion surgery. The business has not generated significant revenue to date.
Retention austin gold (AUST) could also price in the coming week, with plans to raise $13m at a market cap of $52m. The company holds interests in four properties across Nevada, only one of which it considers significant at this time.
| U.S. IPO Schedule | |||
|---|---|---|---|
|
Transmitter Business |
Transaction size Market capitalization |
Price scale Shares filed |
High Bookkeepers |
|
Medical Tenon (TNON) Los Gatos, California |
$20 million $60 million |
$4.50-$5.50 4,000,000 |
Reference Valuable capital |
| Launched a surgical implant system for sacroiliac joint fusion procedures. | |||
|
Organic Belite (BLTE) San Diego, California |
$36 million $145 million |
$5.50-$6.50 6,000,000 |
Reference |
| Phase 3 biotech developing new therapies for retinal degeneration and metabolic diseases. | |||
|
Austin Gold (AUST) Vancouver, Canada |
$13M $52 million |
$4 3,265,000 |
Roth beanie. |
| Canadian gold exploration company with four properties in Nevada. | |||
Blocking periods will expire for up to 13 companies in the coming week.
IPO market overview
The Renaissance IPO Indices are market capitalization weighted baskets of newly public companies. As of 04/21/2022, the Renaissance IPO Index was down 35.0% year-to-date, while the S&P 500 was down 7.4%. Renaissance Capital’s IPO ETF (IPO) tracks the index, and top ETF holdings include Uber Technologies (UBER) and CrowdStrike Holdings (CRWD).
The Renaissance International IPO Index is down 26.5% year-to-date, while the ACWX is down 8.0%. Renaissance Capital’s International IPO ETF (IPOS) tracks the index, and top ETF holdings include Volvo Car Group (OTCPK: VOLAF) and Kuaishou (OTCPK: KUASF).
Editor’s note: The summary bullet points for this article were chosen by the Seeking Alpha editors.
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